In addition, the president is proposing an infrastructure bank. According to a New York Times report,

Mr. Obama also called for what the White House is describing as an “infrastructure bank” that would focus on paying for national and regional transportation projects by pooling private money with public investment. He said the bank would eliminate a patchwork system in which transportation projects are financed through Congressional earmarks rather than based on merit.

The idea, the president said here, is to create “competition and innovation that gives us the best bang for the buck.”

To pay for the plan, the president is proposing getting rid of various tax breaks enjoyed by oil companies,

The White House is proposing to cut tax breaks and existing subsidies for oil and gas exploration and production as one way to pay for the plan, but officials said Mr. Obama is open to other ideas. Historically, transportation projects have been paid for largely with dedicated taxes like those on gasoline.

“As the American people, facing near double-digit unemployment, mark Labor Day by asking, where are the jobs, the White House has chosen to double-down on more of the same failed ‘stimulus’ spending,” Boehner said in a prepared statement.

To illustrate what he calls a “failed stimulus plan,” Boehner held up the following chart, showing the failed effect of the stimulus:

Oh, wait, no he didn’t. All data show that the stimulus worked but was not enough.

About Dave Johnson

Dave has more than 20 years of technology industry experience. His earlier career included technical positions, including video game design at Atari and Imagic. He was a pioneer in design and development of productivity and educational applications of personal computers. More recently he helped co-found a company developing desktop systems to validate carbon trading in the US.